Biktub, Thailand’s largest cryptocurrency exchange, hires advisors for IPO 2025

Bitkub Capital Group Holdings, the owner of Thailand’s largest company cryptocurrency exchangeis planning an initial public offering for 2025, Chief Executive Officer Jirayut Srupsrisopa said in an interview Monday.

Jirayut said Bitkub plans to list on the Stock Exchange of Thailand in a bid to raise the company’s profile and raise funds. Bitkub is hiring financial advisors for the listing, she added.

Bitkub had previously signaled its intention to pursue an IPO in Thailand in a 2023 letter to shareholders, without specifying a target time frame.

Competition for cryptocurrency Traders in Southeast Asia’s second-largest economy are heating up, with Binance and Kasikornbank Pcl making moves to take market share from Bitkub in the past six months. The number of active cryptocurrency trading accounts in Thailand rose to 238,000 in March, the highest level since September 2022, according to data tracked by the Securities and Exchange Commission.

In July last year, Bitkub sold a 9.2% stake in Bitkub Online, its cryptocurrency trading unit, to Asphere Innovations Pcl for THB 600 million ($16.5 million or about Rs. 137 crore ). Jirayut said he expects Bitkub Online’s valuation, set at around 6 billion baht in the deal, to rise as trading volumes on the platform approach levels not seen since the last cryptocurrency bull market in 2021.

Bitkub Online accounts for approximately 80% of Bitkub Capital’s earnings.

As Bitcoin’s run to record highs fuels renewed optimism, Bitkub is expanding after cutting its headcount by about 6% in 2022 and 2023. Jirayut said it aims to increase the size of its workforce to 3,000 people by 2025, compared to the current 2,000.

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